A CPA Reveals the 10 Biggest Tax Mistakes People Make Misunderstanding the Stock Transactional Wash Sale Rule 8. Lets say you buy a few shares of Facebook stock, and then you later sell them at a small loss. Normally, you could deduct that loss against any other capital gains you made that year in order to lower your taxes. But if you bought more stock 30 days after selling (or 30 days before selling), then the first sale is disregarded. Its like you never sold the stock in the first place, says Craig. And you wont get the tax benefit.
Posted on: Tue, 21 Jan 2014 23:30:00 +0000
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